Derrell is founder and CEO of Karson Management (Bermuda) Limited and its subsidiaries, which he established in 2007. With $8.2 billion in reserve collateral and capital financing transactions concluded to date, Karson is a market leader in excess reserve, excess risk-based capital and qualifying collateral financing for large international insurance companies.
Derrell also founded The RISConsulting Group LLC, a transactional consultancy and advisory firm established in 1996 together with Hannover Re and Rabobank. RISConsulting specializes in cutting-edge financial risk and capital management risk transfer solutions for top-tier institutions worldwide.
Through his work with RISConsulting and Karson, Derrell developed a unique profile in the field of complex financial risk management while leading RISConsulting to the successful conclusion of $7.4 billion of high profile risk-transfer and risk-financing transactions for large international insurance companies and corporations.
Prior to founding RISConsulting, Derrell spent over 20 years in the international financial markets. He spent 18 years at Citibank in various international locations (Toronto, Hong Kong and London), where he held senior positions in relationship management in fixed income and equity derivatives and in securities trading and structuring. Derrell was also responsible for creating Citibank’s insurance derivatives business and concluded the first catastrophe bond transaction for Hannover Re in 1994.
Derrell left Citibank to join The Bank of Boston in Boston in 1995, where he was responsible for derivatives trading, sales and structuring. During this time, Derrell contributed further to the evolution of the insurance derivatives market by developing the first reinsurance-linked swap transaction, also for Hannover Re, which was ultimately concluded by RISConsulting.
Derrell served as a member of the Board of Directors of Converium AG from its launch in 2001 until its acquisition by SCOR in 2007 (and was its longest standing member). Converium, when floated by the Zurich Group, was the largest ever IPO of a reinsurance group.
Derrell received a B.A. (Magna cum Laude) from Amherst College and an M.A. from the Fletcher School of Law and Diplomacy.
Richard is the CFO and a Director of Karson Management (Bermuda) Limited and Karson Capital Limited.
Since coming to Bermuda in 1981, Richard has held various senior positions at AIG, Pinnacle Re, Centre Re, Stockton Re and Wind River Re.
Richard is also a Director of various other Bermuda companies, including The Shipowners Insurance & Guaranty Company, affiliates of Thomas Miller and affiliates of Macquarie Bank.
Richard is a member of the Institute of Chartered Accountants in England & Wales.
Stephen is a Director of Karson Management (Bermuda) Limited, which he established in 2007 together with Derrell Hendrix, after spending three years as CFO of RISC Ventures LLC. He is also a Director of Karson Management (UK) Limited.
Stephen is a Fellow of the Institute of Chartered Accountants in England & Wales and trained with Arthur Andersen London before moving to Bermuda in 1978 with that firm. He then joined the C.E. Heath group of companies in Bermuda in which he served as a Director of the captive manager, C.E. Heath Bermuda Ltd., and the broker, C.E. Heath Insurance Broking Ltd., and as a Director and Senior Vice President of Pinnacle Reinsurance Company Limited, a specialist financial reinsurer. In 1991, Stephen was instrumental in the sale of Pinnacle’s business to Centre Solutions Ltd. and returned to London as Managing Director of Centre’s London office. In 1993 he left to help set up a London office for European International Reinsurance Company, a specialist reinsurer in the Swiss Re group.
For the six years prior to joining RISC Ventures, Stephen ran his own company, managing a residual value book of business covering UK local government equipment leases underwritten by Centre Dublin.
Stephen received a BSc. from Durham University and is a fellow of the Institute of Chartered Accountants in England & Wales.
Michael is a Director of Karson Management (Bermuda) Limited and Karson Capital Limited.
Michael is the Founder and Managing General Partner of Commonwealth Capital Ventures, the manager of four venture funds with over $600 million in capital. With more than twenty-five years of experience in early stage venture investing, his investment activity has been focused on early stage technology and technology-based service companies with an emphasis on all aspects of the software industry. Over the years, he has built strong relationships with world class investors and entrepreneurs to achieve mutual success. In true partnership with entrepreneurs, he has provided both operational and financial expertise as well as a patient, long term view toward building companies. He has helped shepherd a number of companies from raw startup to successful IPOs.
Prior to founding Commonwealth, Michael was a General Partner at Palmer Partners, the manager of three early stage venture funds. During that time he also ran Distribution Management Systems, an enterprise supply chain software company which was later sold to Cullinet Software. He began his career and association with the software industry at IBM.
Michael earned a BA from Amherst College in economics, where he captained both the football and golf teams. He also earned an MBA from the Harvard Business School.